Anyone know the email address of a higher up at Lucid that can help me cut through the red tape? Tired of being told BS from SA's and DA's. Thanks in advance.
Lucid email addresses are 1st and last name @lucidmotors.com. I have sent emails to higher ups that didn't bounce back and they have stimulated phone calls from worker bees following up on my issues. Not that it accomplished anything but I felt better.Anyone know the email address of a higher up at Lucid that can help me cut through the red tape? Tired of being told BS from SA's and DA's. Thanks in advance.
Leasing--Bank of America runs the program. After being approved I was then declined because I couldn't answer a security question re.: if I leased a car in 2003,4,5 or 6. They told me I'd have to reapply. Got Lucid involved and it was solved. Sunday they sent me the lease to sign electronically even though I haven't read a copy of it and don't have a firm delivery date. Follow up from lucid to resolve still no answer. On my 4th delivery specialist and communication is horrendous repeating no delivery date even though I'm supposed to have it within a few weeks. I have an expiring Mercedes lease and want the $7500 tax credit. Lack of coordination as I get various emails and phone calls from different people about my issues. I understand it's complicated to build an auto company from scratch especially without a local dealer network and assume it will get better. I live in the Boston area which has a brick & mortar studio and don't understand why they don't get the locals involved.What issues are you running into?
Wait. You’re leasing it? Since when do leased vehicles qualify for the tax credit?Leasing--Bank of America runs the program. After being approved I was then declined because I couldn't answer a security question re.: if I leased a car in 2003,4,5 or 6. They told me I'd have to reapply. Got Lucid involved and it was solved. Sunday they sent me the lease to sign electronically even though I haven't read a copy of it and don't have a firm delivery date. Follow up from lucid to resolve still no answer. On my 4th delivery specialist and communication is horrendous repeating no delivery date even though I'm supposed to have it within a few weeks. I have an expiring Mercedes lease and want the $7500 tax credit. Lack of coordination as I get various emails and phone calls from different people about my issues. I understand it's complicated to build an auto company from scratch especially without a local dealer network and assume it will get better. I live in the Boston area which has a brick & mortar studio and don't understand why they don't get the locals involved.
They don’t to my knowledge, the bank gets the tax credit and they will not pay it forward to the customer like some dealers would…Wait. You’re leasing it? Since when do leased vehicles qualify for the tax credit?
That’s what I thought..so I figured OPs point was moot if they lease the vehicle. Although, the communication could be better, that I agree with.What issues are you running into
They don’t to my knowledge, the bank gets the tax credit and they will not pay it forward to the customer like some dealers would…
I'm leasing it as it's a company car and given the start up issues it's not a car I'd buy outright now. I get the tax benefit because lucid financial credits the $7500 against the purchase price when formulating the lease payments. They basically add it to my down payment when doing the math. One of the emails I got from them shows this. I'll try to dig it up and post.Wait. You’re leasing it? Since when do leased vehicles qualify for the tax credit?
As of right now, Lucid is absolutely still taking $7500 off the price of the car if you lease. They get the credit, so they are passing it to you.I believe Lucid is one of the few companies that was planning to pass the $7500 credit to the person Leasing the car... Not sure where all that stands now with the $7500 tax credit going away with BofA? My understanding before all that happened, is that the $7500 gets applied as a cap reduction "earned" on an month by month basis depending on the length of the lease.. If the lessee "buys" the car before the end of the lease I am not sure how much of that $7500 will stay intact (earned) against the purchase price that the Leassee can buy the car for from Bank of America, but if you wait until the end of the lease (3 yrs as an example) the I think thew full $7500 stays in tact.
They don’t to my knowledge, the bank gets the tax credit and they will not pay it forward to the customer like some dealers would…
Too often lessees just focus on the monthly lease payment. When you lease a car you should always demand that the leasing entity show you the figures they are using to calculate the lease payment. These should include the purchase price they're paying, the interest rate they're applying, the residual value they're assuming, and any other relevant factors. If any of those figures concern you, you should challenge them. Some lessors will negotiate those factors; some won't.
One of those relevant factors would be how the lessor handles its right to a tax credit. Remember that a tax credit is not a direct payment to the lessor but rather a credit on a future tax bill, and that may make the calculations of the effect, if any, on the lease payment rather murky. That said, the $7500 credit is somewhere in the lessor's calculations about what to charge for the lease, and you should understand where and how much it is.
1st, 2nd & 3rd questions I asked before I applied for lease--what is the residual value and what is the money factor. Oh, we can't tell you that until you fill out the application ie they had no idea what I was talking about. Once I applied to BofA/Lucid financial I literally had to pry this state secret out of them like the person was doing me a huge favor by revealing the recipe for their secret sauce.Too often lessees just focus on the monthly lease payment. When you lease a car you should always demand that the leasing entity show you the figures they are using to calculate the lease payment. These should include the purchase price they're paying, the interest rate they're applying, the residual value they're assuming, and any other relevant factors. If any of those figures concern you, you should challenge them. Some lessors will negotiate those factors; some won't.
One of those relevant factors would be how the lessor handles its right to a tax credit. Remember that a tax credit is not a direct payment to the lessor but rather a credit on a future tax bill, and that may make the calculations of the effect, if any, on the lease payment rather murky. That said, the $7500 credit is somewhere in the lessor's calculations about what to charge for the lease, and you should understand where and how much it is.
1st, 2nd & 3rd questions I asked before I applied for lease--what is the residual value and what is the money factor. Oh, we can't tell you that until you fill out the application ie they had no idea what I was talking about. Once I applied to BofA/Lucid financial I literally had to pry this state secret out of them like the person was doing me a huge favor by revealing the recipe for their secret sauce.
From my experience so far, Lucid runs like an IT help desk, send in a request and it gets assigned. The folks in the Boston store are nice and informed. Perhaps call them up and see if that touch point gets more work in motion for you. Or go visit them in their lovely Waterfront location (1 percenter enclave). Even if they get nothing done for you, there are some nice places to eat by the water (I am originally from Boston).Leasing--Bank of America runs the program. After being approved I was then declined because I couldn't answer a security question re.: if I leased a car in 2003,4,5 or 6. They told me I'd have to reapply. Got Lucid involved and it was solved. Sunday they sent me the lease to sign electronically even though I haven't read a copy of it and don't have a firm delivery date. Follow up from lucid to resolve still no answer. On my 4th delivery specialist and communication is horrendous repeating no delivery date even though I'm supposed to have it within a few weeks. I have an expiring Mercedes lease and want the $7500 tax credit. Lack of coordination as I get various emails and phone calls from different people about my issues. I understand it's complicated to build an auto company from scratch especially without a local dealer network and assume it will get better. I live in the Boston area which has a brick & mortar studio and don't understand why they don't get the locals involved.
From my experience so far, Lucid runs like an IT help desk, send in a request and it gets assigned. The folks in the Boston store are nice and informed. Perhaps call them up and see if that touch point gets more work in motion for you.
Honestly, if you do lease the car, you'll likely loose more money from leasing it due to the residual value. I imagine they're giving you a $60,000 residual or less after a 3 year lease where your payments will be greater than a loan. In that case, you're going to loose money and are betting on the fact that you may not be able to resell the car if anything happens to the company for under $60,000. Lucid has at least 2-3 years of runway in funding atm and it wouldn't be unreasonable to say (in all unlikelihood) that if they went under, it would be 4 years out (minimum) with services being able to stay online for at least 2 more years. You're already over your lease time at that point and you'll get more money resale wise after holding onto your car for 6 years total and then trying to sell it.I'm leasing it as it's a company car and given the start up issues it's not a car I'd buy outright now. I get the tax benefit because lucid financial credits the $7500 against the purchase price when formulating the lease payments. They basically add it to my down payment when doing the math. One of the emails I got from them shows this. I'll try to dig it up and post.
What’s funny is I moved from chase to bofa for similar reasons, and have now been happy with them for a decade. I guess YMMVI'm sorry to hear that and would have hoped for Lucid's picking a more transparent partner. I'm not a fan of BofA, having moved my personal accounts from them to Chase a few years ago after running into too much bureaucratic nonsense from them in managing accounts for my real estate LLCs. One of the things they did was cite IRS transaction restrictions that I knew did not exist and that Chase found to be no impediment at all.
Options don't come easily to everyone, but I would acquire the car through another route.